18 November 2015: Nifty Elliott wave analysis: I still expect 7900 to come by this week. Support stand at 7790-7780.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 18November 2015: -

On 17November 2015: FII Net Sold – INR 492.45:  DII Net Bought – INR – 783.02

My anticipated target range was 7850-7900. It hit a high at 7860. My expected range is still broad which is based on the fact that market may trade range bound on higher end. I must say that yesterday’s close was on decent note. As long as it is above 7790 we can expect further extension.

For today’s trading session, I am expecting market to open on negative note as suggested by SGX Nifty. Well, an intraday recovery is expected. To some extent market may try to achieve the levels of 7900 sooner or later. Still most part of the trading session can be dull. We can hope that market may turn dull if it stays in negative. Ignore sell signals in confusion.

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Strategy for Nifty November future – I say a buy signal at 7750 which is still continuing. As long as it is above 7800-7790 we hope this trend to continue for a move above 7900 levels. I may opt to ignore intraday sell signal if it comes. Most of those can be misguiding.

S&P 500 (USA) – I have quoted for a move towards 2060+. It has done with a high at 2065 and then slipped to close at 2050. This is still a fine move. To some extent we may feel that bounce has done. Market will trade choppy today on anticipation of next move. It can be up or down but chances are bright that market will hold support at 2045 for rest of this week. Upcoming three trading sessions may be dull. It is on no trade period.